Whether it is a scam or not, we need to just wait 14 days and bank negara will announce it. From genneva accounting records, if there are no records of investment  or business that generate enough profits to pay hibah, then bank negara will confirm to the customers the company is a ponzi scam. Now it is crucial for the Datuk bosses to convince bank negara they are legit. Otherwise, bye bye genneva

i did not expect it to catch so many forumers attention once the BNM raided the premises ....... all eyes on BNM coming weeks reports card ...... legitimate or not the results will be negative for Genneva (at least for a while) maybe everyone will rush to withdraw their coffin money and this rushing to withdraw force, is the main force to force them close shops early not BNM

i'm not out to convince anybody........i go paranoid with bloggers who don't talk with rational and yet they act like they know everything. You are right, raid on suspicion will apply to all, it is a tool with absolute power. It can shut down any business, ANY. And i am sure you know the implication. We cannot say it cannot happen to you, cos if you are a gold trader, it may come to you. The legislation following this case will set in motion future controls which may not be very pleasant for gold traders and gold shops. This case is a steeping stone to controls, Like I said, if you check on the inside page of yesterday's star report, you will get a clue. The writing is on the wll. Still some bloggers bla bla bla like a blind sheep. Just like USA's "war on terror". With that policy, it can eliminate countries which they suspect to have terrorist and declare war on it. This is absolute power unlimited. MLM can be scam. So, what cannot be scam. Ppl do a calculation using simple arithmatic, wow they know already it is scam. Try using arithmatic and calculate how MLM does it pay out, wow, it looks like scam too. No no no, business model with simple arithmetic are for std 6 scammers. No one will reveal what is their strategy but will say only those that are obvious. Don't be naive it is only the 25% mark up that Genneva does over spot...everybody knows that. Even gold smith shop does the same except of 25% maybe lower. Anyone can see this. Geneva business model is more than that. You ask an actuary about this.........do a computer simulation then you can know whether workable or not. It is not a night's work on our pc and bingo, it won't last, it won't last, it is ponzi, it is scam and wait, no, it is a bird, oh no it is dog bird and so on, crying wolf wolf and bigger wolf. It's unbelievable how people blog!       

I think nobody here know what evidence BNM have that granted them the permission to freeze the company asset. Also, freezing the asset will help in investigation n prevent them manipulate their asset or transfer it out of the country.

I think under AMLA BNM can freeze the assets based on suspicion only, no need court order. correct me if I'm wrong.....

Possible to end up like genneva

Ponzi model and MLM model are different, legit MLM model will not asking for expensive membership fees. (ok, put a stop here I don't want discuss MLM here as many of you might not agree)

Ponzi model, people on top will gain a lot while people down there will have to keep on digging out money....

after this incident, my mom really quiet already and not to talk about this infront of me. Pity her also cuz she never listened to me and blindly follow her friend and "invest" this kind of thing, can't blame her also cuz our elders like to follow what friends do. Not to say she is lacking money of what, she has various of investments - let it be mutual fund, shares, mlm, FD and have earn some extra pocket money but when she trying to step her feet on this gold "investment"...
I already sound her to open account with bank and invest via bank but she is not listening and we ended up quarrel few times. I shown her all the facts (like you all showing) and compared with all the investments she has (shares, mlm, mutual funds, FD) and told her that all the things she invested/doing are much more legit than this gold "investment" .... I even shown her BNM website saying this company been raided before while the other things she involved still actively doing biz and don't have any wrong doing and raided by BNM but what to do....parents always think they are "old" enough and know thing more than us
She brought me to their seminar regarding the laws or acts and all the things they presented were protecting themselves more than so called investors.
Lost is not much but for me is a very valuable lesson for her.

Well, I don't know whether they should have at least court order or not. The Act gives them such power, so they act within their power. Go tell them to amend the Act.

The Act states BNM should act based on suspicion, not just suka2. If I'm doing legit business, I don't find it scary anyway, because my business is legit, and nothing to raise the suspicion.

If many people make a hu-ha regarding the absolute power given by the Act to BNM, maybe this issue will get tabled in the parliament, and see if can amend or not. No people make noise, so I guess the lawmaker assume everyone is fine with it......

Like others say, if u have nothing to hide then why scary ? Somemore, its on case to case basis, in this case, the amount of money, the numbers of ppls involved n the impact on the country are too big to put on risk.

Please take note:
read everything here 1st before making "bias" comment
"VGMC MALAYSIA"

ROFL... you think I will believe you or Bank Negara?

more worms being dugged up Raided - Gold traders Pageantry Gold, Caesar Gold and Worldwide Far East

Here is a FAQ from BNM website: http://www.bnm.gov.my/index.php?ch=en_faqs&lang=en#00_m01

Is trading of foreign currency through the internet allowed?

No. Residents are not allowed to trade currency through internet.
Residents are only allowed to buy or sell currencies in Malaysia with authorised dealers and those entities permitted by Bank Negara. Please refer to website at http://www.bnm.gov.my under "Foreign Exchange Administration" for further details.

they still got a week(s) time before they (BNM) come and announce, so TECHNICALLY there is still some HOPE ........ this is the arguement for few forumers friend --- 

Izzit possible that with the volume of "investors" in Genneva Ponzi Limited, a small quantity of fake gold, spread around, is actually used to have the 'profit' needed?

It is still pending investigation.
According to the paper, why Genneva Malaysia is under investigation is also because one Singaporean lady investing in Genneva Singapore was being informed the gold bar is with Genneva Malaysia in Malaysia instead of Singapore. Yet she didn't manage to get back that the gold bar hence she lodge a police report in Malaysia.

I dont care whether this company has earn any prize from any corner on the earth. I only need to know that they are ILLEGAL in Malaysia.

And anyone can create their own shit on Wikipedia because of open source so dont give me Wikipedia as reference, especially when the wiki also stated: This article has multiple issues, and a lot of "citation needed" remarks in the article.

We are not the the authorities to answer that question.
That is what is interpreted based on the news report. The probability of 2 countries synchronizing their raid is obviously more than a mere "report".

When will you see such synchronize raid? Other than this the last major one is on Swiss Cash where internationally the authorities all over the world clamped down on it which I known of.

Well synchronized EXIT plan.
The owner ring the bell and let the cat out of the bag.

so police shouldn't be arresting a murder suspect or a robbery suspect on the loose base on suspicion also right? nor should the authority stops the suspicious car driving in 1U car park before they rob the shoppers couple months back? or those mat rempit on the streets, well at least before they rob some1 or chop some1 hands off...

i'm pretty sure u meant that way, isnt? 

as long as u start a company in Malaysia to run that biz, u r subject to BNM.

seriously... dont tell me u r not aware of this? 

celicaizpower - I am just curious. How much did you invest in this Genneva thingy ? And how much of your clients' money is in this Genneva investment ? I am not going to knock you on this but I am curious.

Transporting 500KG of gold bars using a harrier? sure boh? Not via armoured truck and armed guards ah?

i think u r confused between BNM authority and SSM authority.

a company running a biz in Malaysia is subject to SSM, regardless where the biz/company starts from. Take Chatime for example, started in Taiwan, but when it comes to Malaysia, it has to follow SSM guideline and regulation(aside from its industry regulatory).

McDonalds, Toyota, Bemmers, Crocs etc... all the same.

but when it comes to monetary matters, it falls under BNM jurisdiction. Monetary matters refer to currency, money printing, physical cash, investments plan, insurances, funds, FDs, banks, bonds, stocks, deposits etc.

Whatever it is....it is time for some of those investors seek legal advice and sue the CON-sultans for misrepresenting the scheme.

Points to sue: No. 1
CON-sultants say company buy-back but Genneva in their newspaper advertisement clearly stated "no guarantee buy back". So, the CON-sultans are misleading the investors.

No. 2: CON-sultans misleadingly uses the pictures of Dr. M opening ceremony and ROS-MA in their Annual Dinner to mislead the investors that the company had the blessing of these VIPs.

Please add more points if you guys can think of more......

LOL this is what I am waiting for you to come back to me and you are as pathetic as those blinded Genneva supporters...

A company registered in British Virgin Island and has offices situated in Kaliningrad, Moscow and Saint Petersburg, claimed that they have won dont know what prize from dont know which corner on the earth, and write something without any citation on Wikipedia, and they can wait for some smart@ss like you to put money with them and start "investing".

Whether you run a company in Russia or Kenya that is your problem but you are now trying to attract deposit from all people on this planet which including Malaysians. That is why BNM says it is ILLEGAL and under observation.

One more thing. Data in Wikipedia are only valid and truth if the information are supported by valid references and complete citation. Not like the one you gave with a big heading saying "This article has multiple issues" and all information in the article has a remark of "citation needed". No citation in Wikipedia means "you talk you syiok only, who cares".

I am sick with some smart@ss that never bother to spend some time to investigate the validity of the information. Go on and "invest" your money with this prize winning company.

Oh yes, you may say "I am not necessary interest with this company" if you want. This is the answer I expect.

You are speaking for the 30% of the clients only. The remaining 70% never get it. One Gold bar shared by Three customers.

Refer to their own newspaper advertisement....clearly stated no buy back guarantee!